Gold Falls On Tariff Delay After Hitting 6-Year Peak

Gold Falls On Tariff Delay After Hitting 6-Year Peak

14 Aug 2019 10:11 AM
 
Gold retreated on reduced trade-war tensions Tuesday after the Trump administration decided to delay some tariffs on China. But it hit six-year highs in earlier trading on Hong Kong’s political chaos and plunging bond yields worldwide. Both bullion and gold futures fell after the U.S. Trade Representative delayed until December a 10% import tariff meant to start by September on laptops, cell phones, video-game consoles and other made-in-China products. The decision led to widespread hope that the trade war between the two countries was on the mend.
spot gold reflective of trades in bullion, was down $9.53, or 0.6% at $1,501.55 per ounce as Wall Street’s main stock indexes jumped more than 1% each on the heightened risk appetite. Earlier, bullion surged to $1,534.94, its highest level since April 2013, on a new wave of safe-haven buying.
Gold futures for December delivery traded on the Comex division of the New York Mercantile Exchange, settled down $3.10, or 0.2%, at $1,514.10. It hit $1,545.95 earlier.

 

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